Posted on 11/23/2010 8:13:21 PM PST by autumnraine
China and Russia have decided to renounce the US dollar and resort to using their own currencies for bilateral trade, Premier Wen Jiabao and his Russian counterpart Vladimir Putin announced late on Tuesday.
Chinese experts said the move reflected closer relations between Beijing and Moscow and is not aimed at challenging the dollar, but to protect their domestic economies. **********
>> ASIAONE / BUSINESS / NEWS / STORY
China, Russia quit dollar Wed, Nov 24, 2010 China Daily/Asia News Network
By Su Qiang and Li Xiaokun
St. Petersburg, Russia - China and Russia have decided to renounce the US dollar and resort to using their own currencies for bilateral trade, Premier Wen Jiabao and his Russian counterpart Vladimir Putin announced late on Tuesday.
Chinese experts said the move reflected closer relations between Beijing and Moscow and is not aimed at challenging the dollar, but to protect their domestic economies.
Click HereClick here to find out more! "About trade settlement, we have decided to use our own currencies," Putin said at a joint news conference with Wen in St. Petersburg.
The two countries were accustomed to using other currencies, especially the dollar, for bilateral trade. Since the financial crisis, however, high-ranking officials on both sides began to explore other possibilities.
The yuan has now started trading against the Russian rouble in the Chinese interbank market, while the renminbi will soon be allowed to trade against the rouble in Russia, Putin said.
"That has forged an important step in bilateral trade and it is a result of the consolidated financial systems of world countries," he said.
Putin made his remarks after a meeting with Wen. They also officiated at a signing ceremony for 12 documents, including energy cooperation.
The documents covered cooperation on aviation, railroad construction, customs, protecting intellectual property, culture and a joint communiqu. Details of the documents have yet to be released.
Putin said one of the pacts between the two countries is about the purchase of two nuclear reactors from Russia by China's Tianwan nuclear power plant, the most advanced nuclear power complex in China.
Putin has called for boosting sales of natural resources - Russia's main export - to China, but price has proven to be a sticking point.
Russian Deputy Prime Minister Igor Sechin, who holds sway over Russia's energy sector, said following a meeting with Chinese representatives that Moscow and Beijing are unlikely to agree on the price of Russian gas supplies to China before the middle of next year.
Russia is looking for China to pay prices similar to those Russian gas giant Gazprom charges its European customers, but Beijing wants a discount. The two sides were about $100 per 1,000 cubic meters apart, according to Chinese officials last week.
Wen's trip follows Russian President Dmitry Medvedev's three-day visit to China in September, during which he and President Hu Jintao launched a cross-border pipeline linking the world's biggest energy producer with the largest energy consumer.
Wen said at the press conference that the partnership between Beijing and Moscow has "reached an unprecedented level" and pledged the two countries will "never become each other's enemy".
And so it starts.
Well this doesn’t sound good does it...?
N Korea had China’s okay, I would bet.
ping
Thank you Obama. President to some, illegal alien to many.
They saw what kind of weak-ass sissy-boy in Odumbo and it was perfect timing.
Just maybe we need to stop giving welfare families more than what a $60,000 earning family takes home, build up our military, and stop spending more on entitlements than we have to spend.
Get ready to get poor.
Here it comes.
Yes, yes, but what about all those wonderful Walmart prices?
I would bet the Norks were following orders.
This a real biggie, folks.
Obama and the Democrats have spent and printed the dollar in to worthlessness as the global standard.
ping
Get ready to get poorER.
I got my grub-digging stick ready. There is a pretty good recipe thread for grubs and earthworms, I’ll go try to find it.
So the Russians can help sort out the NKs and China can help out Iran and co.Marvellous.
Good grief does that man annoy. That photo just makes one want to slap him.
Yes,
But, lets not loose sight of the central role that the criminal enterprise known as the FED has played in this.
We have Super Walmarts all over the landscape!
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